Washington, DC – U.S. Senator Charles E. Schumer, a leading advocate for an independent consumer protection agency, released the following statement regarding President Obama’s decision to appoint Richard Cordray to head the Consumer Financial Protection Bureau:

“The Senate minority’s attempt to defang the Consumer Financial Protection Bureau by depriving it of leadership is unprecedented, hurts middle class consumers, and needed to be challenged. It is clear President Obama is doing the right thing by putting a real consumer cop like Mr. Cordray on the beat to protect the middle class.

“The President is calling out the GOP on their insistence on foiling middle class interests every step of the way. They are on a dangerous road and they continue down it at their political peril.”